Bitcoin Price Prediction: BTC/USD Rebounds to $40,000 Resistance Level, What Next?

Bitcoin (BTC) Price Prediction – January 14

As BTC/USD reclaims the $40,000 resistance level, the bulls are back with a solid 3.44% daily price surge.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $43,800, $45,800, $47,800

Support Levels: $33,600, $31,600, $29,600

BTCUSD – Daily Chart

At the time of writing, BTC/USD is trading up just over 3% at its current price of $38,678. This marks a notable surge from its recent lows of $30,100 set just a few days ago during a market-wide selloff. However, the Bitcoin (BTC) and the entire cryptocurrency market are trading at the upside today, with bulls taking full control of the market as they look to reverse the recent downtrend.

Where is BTC Price Going Next?

BTC/USD is seen retracing and trading around the fast-moving 9-day moving average and the market price stays under the daily high of $40,127 resistance as a sign of bullish momentum. Further increase in the bullish momentum may increase the price above the channel; above it is another resistance at $42,000 before reaching the potential resistance of $43,800, $45,800, and $47,800 levels.

However, should the $38,678 resistance level holds, the price may reverse and face the support level below the 9-day MA, further increase in the bears’ pressure may push down the price towards the 21-day moving average and possibly hit the critical supports at $33,600, $31,600, and $29,600. According to the daily chart, the RSI (14) signal line is seen pointing towards the 70-level, crossing above it may ignite more buy signals into the market.

BTC/USD Medium-term Trend: Bullish (4H Chart)

According to the 4-hour chart, BTC/USD is currently in the ascending range of the medium-term outlook as the target market is keeping the support levels of $35,000, $32,000, and $31,000. But the Bitcoin market is gaining momentum with the support of a 9-day moving average as the buyers keep the position intact.

BTCUSD – 4 Hour Chart

More so, looking at the RSI (14) indicator, it shows that BTC price may retreat a little bit before a rebound could take place. Immediately after the market rebounds, the buyers may hit the resistance level of $44,000, $46,000, and $48,000 respectively.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.